Business

How Elon Musk and Jeff Bezos made it their best year so far.

 

 

You have probably heard over a month ago, Elon Musk decided to sell all his properties in Los Angeles, and even signed a letter of intent. His goal was to get rid of almost all physical possessions, which meant several homes worth millions of dollars (around 62.5 million).

Who bought Musk’s properties?

Yes, some people have that much, and they are that much into buying high-end properties. Tesla’s CEO homes ended up in the hands of Ardie Tavangarian. Tavangarian is known for his eccentric and expensive homes. It is said that he plans on combining all of the houses into a single composition.

What does this mean for Elon?

Elon Musk became the 17th-richest person in the world since his fortune grew by selling his properties. Don’t forget the launch of SpaceX this year and that the shares of Tesla more than doubled this year, which means that technology business people profited the most in 2020. Tesla stock shares climbed for 3.5% in intraday trading, which means that it has a worth of $207.2 billion.

Divorce makes you richer

Jeff Bezos’s net worth is going through the roof, and when you think it can’t get bigger, it seems like he gets more prosperous day by day. Even after he gave away a quarter of his stocks in Amazon.com Inc. as part of a divorce settlement last year, his wealth is still rising. Amazon’s founder now has a fortune worth close to $171.6 billion.

Shares of the Seattle-based stock owner surged 4.4% to a record of $2,878.70 on Wednesday, raising the founder’s fortune to $171.6 billion. Mackenzie Bezos, who got a 4% stake in Amazon shares after the infamous divorce, has a net worth of $56.9 billion, and she’s now the second richest woman in the world. In case you are interested, the first one is L’Oreal heiress Francoise Bettencourt Meyers.

E-commerce soar during the pandemic

We talked about how much e-commerce evolved during the pandemic. Jeff Bezos managed to accumulate $56.7 billion this year alone despite the worst economic state and recession since World War II. Imagine this much fortune with Bezos owning only 11% of the Amazon stock. Initial public offerings and buoyant equity markets have bolstered mega-fortunes, even as tens of millions of people have lost their jobs. This week, after endless complaints about ending pandemic hazard pay, Amazon said it is ready to spend about $500 million to give one-time $500 bonuses to workers on the front-line. We are yet to witness that since there have been many complaints about worker treatment in Amazon for years now.

Who gained the most during the pandemic

Most of those with the most prominent wealth gains also come from the technology field. They include Tesla, Inc. CEO Elon Musk gained $25.8 billion since Jan. 1, and it will probably keep growing until the end of 2020. Zoom Video Communications Inc. founder Eric Yuan, whose wealth has risen almost to $13.1 billion thanks to the basics needs of wanting to communicate with your dearest and nearest (but also have business meetings!). Zoom has been an excellent tool for online courses, and people are using its benefits to the max, despite the security and privacy issues.

The collective net worth of the world’s 500 wealthiest people is now at $5.93 trillion. At the beginning of the year, it was reported it was $5.91 trillion. Maybe in the second half of the year, a new platform will gain fame and rise as TikTok and Zoom did. We are curious to see how the stock market will react to Amazon’s changes and how Bezos will expand further.

 

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